Foreclosure activity sets post-pandemic high – NMP

Increases in all 50 states

A total of 50,759 US properties have begun the foreclosure process in the first quarter of 2022. This was up 67% from the previous quarter and up 188% from the year-ago quarter.

The states with the highest number of foreclosure initiations in the first quarter of 2022 were California (5,378 foreclosure initiations), Florida (4,707 foreclosure initiations), Texas (4,649 foreclosure initiations), and Illinois (3,534 foreclosure initiations). foreclosure initiations), and Ohio (3,136 foreclosure initiations).

US Foreclosure Begins

Major cities with the highest number of foreclosure initiations in Q1 2022 include Chicago, Illinois (3,101 foreclosure initiations), New York, NY (2,580 foreclosure initiations), Los Angeles, California (1,554 foreclosure initiations), and Texas. Houston (1,431 foreclosures initiated), Philadelphia, Pennsylvania (1,375 foreclosures initiated).

Nationwide, one in every 1,795 residential units was foreclosed in the first quarter of 2022. The state with the highest foreclosure rate was Illinois (1 in 791 homes had a foreclosure). New Jersey (1 in 792 homes). Ohio (1 in every 991 housing units); South Carolina (1 in 1,081 units). and Nevada (1 in 1,090 homes).

Among 223 metropolitan statistical areas with a population of 200,000 or more, Cleveland, Ohio (1 in 535 homes) had the highest foreclosure rate in Q1 2022. Atlantic City, New Jersey (1 in 600). Jacksonville, North Carolina (1 in 633). Rockford, IL (1 in 634). Columbia, South Carolina (1 in 672).

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